4-Hour Analysis:
Big Picture: Solana returns to higher levels after seeing intense selling at the same levels earlier. Sellers are showing a softer reaction this time. Going forward, price has very close intraday support and resistance on both sides. It may experience considerable volatility in the next few sessions.
On the Upside Solana has returned to re-test the 22.80 level. Previously, this level caused enormous waves of profit-taking which quickly translated into panic selling. Now that price has returned to this resistance level, little profit-taking at these levels cannot be ruled out; but, if buyers are able to establish a stronghold above this level, another push into the 23.40 mid-range is possible.
On the Downside price has successfully converted the supports at 22.15 and 22.05 in their favor. Solana’s potential to maintain current support levels will keep it optimistic in the short-term. As long as price holds these supports, the downside is protected; losing these supports, on the other hand, would re-expose Solana to the 21.30 to 21.20 levels.
